Electric vehicles are expected to account for about 20 percent of the total car market in South Korea by 2026. Electric vehicles are projected to grow to 30 to 40 percent in 2030. In addition, there is a decrease in the cost of battery cells to 130 USD per kWh, from the previous value of 200 USD.
CEO Stephane Deblaise said 2026 was the right time for his party to release an electric vehicle. That is after looking at factors such as the potential decline in battery prices and the country’s green car market.
“We will launch a project to develop an electric vehicle if the parent company has approved the proposal for the development of an upcoming Electric Vehicle (EV),” said Stephane Deblaise.
For the domestic investment plan, he said his party was not considering the expansion of production facilities in South Korea. Renault seeks to take about 10 percent of the domestic market by producing about 150,000 vehicles a year.
The Renault factory in Busan, South Korea has a production capacity of 250 thousand to 300 thousand units. Industry data showed that Renault Korea had accounted for about 4 percent of South Korea’s auto market last year.